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See how women can feel empowered in their finances
©Keturah Orji
The topic of personal finances can be scary. According to a 2023 report GOBankingRates Study57% of Americans believe that “a lack of financial understanding has impacted their ability to be financially prepared for the future.” The journey to mastering personal finances is not easy. For women, the expectation is often that someone else will take care of it.
For some people, talking about finances is an uncomfortable topic. And looking through the eyes of women and people of color, these spaces haven’t always been open to them. In a recent podcast interviewOlympic track star and financial planner Keturah Orji shared how women and communities of color can gain control over their finances. Her insights highlight the importance of inclusive financial education and the need for more diverse representation in the financial industry.
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“When I look at the financial industry, I think the industry is about 76 percent male,” Orji said. “And so you don’t really feel like you belong there.”
Orji said women are generally not invited to discussions about finances“Men are expected to be able to manage money,” Orji said.
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Get the right community
Orji believes that representation and having a supportive community are important when taking control of your personal finances, and she started her financial planning coaching service to address this.
“When I started my financial coaching business, it wasn’t really about the money,” Orji said. “It was just to create some structure around people who need help with money.” She believes that clients who have real examples of success through coaching or community become more empowered to take control of their own financial journeys.
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Change your beliefs
Once clients have the information and tools to understand their finances, Orji said the next step is to believe that change is possible. “When I talk about my personal growth, I think that’s what inspires them the most to actually take action, rather than just educating them.”
Get an overview of your spending and cut costs
Once you’ve committed to taking control of your finances, Orji recommended looking at your total spending and determining areas to cut back on. Planning ahead and staying organized can help ensure you don’t overspend.
“You’re spending too much on food; it could be because you haven’t gone to the grocery store and planned your meals, or you’re buying an item over and over again,” she said. “It could be because you already have it but can’t find it and it’s stuck in the clutter.”
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Being honest and asking for support from friends is a great way to stay on track. “I think it’s really important to communicate your goals to your friends,” Orji explained. “They can hold you accountable and not be ashamed of the fact that you’re trying.”
Write down your financial goals
Telling friends about goals can make you feel accountable, but Orji said writing down goals can make you more likely to achieve them. “Try to make them as specific as possible and try to make your goals positive,” she said. “So not like, ‘stop sending’ or like, ‘don’t do this.’”
“Talk about what you want to do and what you don’t want to do,” Orji said.
Writing down these positive goals and placing them at eye level can help with motivation. “Some people put them on their mirror. Somewhere that reminds you, that you see often,” Orji said. “It will remind you why you’re doing what you’re doing.”
For Orji, achieving financial goals opens up options. “It really comes down to doing what I want, when I want, with the people I want.”
“I can freely do what I really want to do,” Orji said. “It’s like financial coaching and helping people, especially low- and middle-income people, improve their finances.”
Amen Oyiboke-Osifo contributed to this article.
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This article was originally published in GOBankingRates.com: I’m a Finance Expert: Here’s How Women Can Feel Empowered in Their Finances